CSL Announces Half Year Results For 2013-14
CSL Limited announced its half year results for the last six months ending on December 2013. The company report noted that a $64 million U.S. settlement impacted its half year profit. The Melbourne-based company reported a net profit after tax (NPAT) of $646 million for the half year, showing a 3% increase representing $21 million on a reported basis compared to its prior comparable period (PCP). CSL said the half year results included the one-off antitrust class action litigation it settled in the US for $64 million or $39 million after taxes.
The company reported a 5% revenue increase on PCP at $2,691 million and 5% EBIT increase at $818 million. CSL increased its R&D investments to $229 million. Interim dividend rose to $0.53 per share, a 21% increase on PCP when converted to Australian currency at A$0.59 per share.
Paul Perreault, CSL Chief Executive Officer and Managing Director, said, “The underlying result is solid and I’m also very pleased with the progress we’ve made in bringing new products to market and with the advances in our research and development pipeline. We’ve also been able to remove the risk and distraction associated with the U.S. antitrust class action litigation.”
The report also highlighted operational milestones. Hizentra (subcutaneous immunoglobulin) has received U.S. approval for bi-weekly administration as well as Japanese approval for treatment of patients with primary and secondary immune deficiency. Kcentra (4 factor pro-thrombin complex concentrate) received FDA approval for surgical use. Perreault said, “The Company’s specialty products again performed exceptionally well, led by a very successful rollout of Kcentra in the U.S. Our subcutaneous immunoglobulin, Hizentra, continues to be in strong demand.”
CSL struck a license agreement with Janssen Biotech for CSL 362 (acute myeloid leukaemia). The company has also announced the commencement of a global phase IIb clinical trial for CSL 112 this year. A novel diagnostic test kit for Alpha-1, CSL’s treatment for hereditary lung or liver disease, was also launched.
Mr. Perreault presented a bright outlook for 2014. “I’m pleased to re-affirm our profit outlook. Net profit after tax growth for the current full financial year is expected to be approximately 7% at 2012/2013 exchange rates. Earnings per share growth will exceed profit growth expectations as shareholders benefit from the ongoing effect of past and current share buybacks,” he said.